Regulatory Alerts2021-11-10
Added · Updated
INS.R.2.3 – Amount of Protection Afforded Life Policies
The Namibian Minister of Finance issued Regulation INS.R.2.3 under the Financial Institutions and Markets Act, 2021 to establish a statutory protection cap for life insurance policies. The regulation mandates that the realisable value of individual life policies and their aggregate amounts must not exceed N$50,000 for all registered insurers and intermediaries. This uniform limit applies across the Act’s relevant provisions, standardizing policyholder protection regardless of whether claims involve single or multiple life policies.